The Financial Crisis and the Legal System Term Paper by Nicky
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This paper introduces, discusses, and analyzes the topic of the legal structure in America, with a look at how it has been impacted by the current economic downturn. The paper argues that the legal system must undergo modifications and changes over the next decade simply in order to survive, and that it will take a concerted effort by the administration, Congress, and business and industry to get the country back on track. The paper concludes that the legal structure itself will not change, but the legal actions of the country will require regulatory changes to make it through to the other side and back to a healthy economy.
From the Paper:"In the area of contract law, the current crisis has many different aspects. Certainly, the mortgage industry and financial industries rely on contracts between buyers, sellers, and investors to operate, and in the cases of bankruptcy, default, and investment loss, there are contracts that regulate the rights and responsibilities of all parties. With the current mortgage crisis, it could redefine contracts, what they cover, and what they do not cover, and it could redefine the tort laws that regulate lawsuits and contract disputes. For example, laws may be developed that are more favorable to home purchasers with adjustable rate mortgages to keep their homes threatened with foreclosure, and laws may be developed that further regulate the subprime lenders who helped create the mortgage crisis."
Sample of Sources Used:
- Cross, Frank B., and Miller, Roger LeRoy. The Legal Environment of Business: Text and Cases -- Ethical, Regulatory, Global, and E-Commerce Issues, 7th Edition. Mason, OH: South-Western, 2009.
- "GOP Stalls House Action on Housing Bailout; Bush Threatens Veto Powers." The Washington Times 8 May 2008: A03.
- King, Byron. "Is the Bailout Constitutional?" PennySleuth.com. 2008. 5 Dec. 2008. <http://www.pennysleuth.com/issues/2008/11_21_08.html>
- "Senate Probes Bailout by Fed; Regulation Posed for Firms." The Washington Times 27 Mar. 2008: A01.
- Smolla, Ron. "Is Paulson's Bailout Bill Unconstitutional?" Slate.com. 2008. 5 Dec. 2008. <http://www.slate.com/id/2200817/>
Cite this Term Paper:
The Financial Crisis and the Legal System (2010, October 31) Retrieved June 03, 2023, from https://www.academon.com/term-paper/the-financial-crisis-and-the-legal-system-145269/
"The Financial Crisis and the Legal System" 31 October 2010. Web. 03 June. 2023. <https://www.academon.com/term-paper/the-financial-crisis-and-the-legal-system-145269/>